What is the difference between Series 65 and Series 66?
The key difference between the Series 65 and Series 66 exams is that the Series 65 is the Uniform Investment Adviser Law Examination, while the Series 66 is the Uniform Combined State Law Examination, which covers both investment adviser and broker-dealer regulations.
Detailed Answer
The Series 65 exam is required for individuals who want to become investment advisor representatives and provide investment advice to clients. It tests candidates' knowledge of investment-related topics such as securities, economics, portfolio management, and regulations.
The Series 66 exam, on the other hand, is a combination of the Series 63 (Uniform Securities Agent State Law Examination) and the Series 65 exams. It covers both broker-dealer and investment adviser regulations, making it a more comprehensive exam.
The Series 66 exam is often taken by those who already hold a Series 7 license and want to become dually-registered as both a broker-dealer and an investment adviser representative.
The Series 65 exam has 130 questions and a 180-minute time limit, while the Series 66 exam has 100 questions and a 150-minute time limit.
The content of the two exams overlaps in areas such as investment-related topics and regulations, but the Series 66 exam includes additional content on broker-dealer activities and compliance.
Passing the Series 65 exam alone does not allow individuals to act as both a broker-dealer and an investment adviser representative, while passing the Series 66 exam does.
Tips & Recommendations
- When preparing for the Series 65 or Series 66 exam, make sure to thoroughly review the exam content outline and focus on the areas that are most heavily tested.
- Practice taking timed, full-length practice exams to get comfortable with the exam format and timing.
- Stay up-to-date with current regulations and industry changes, as the exams are regularly updated to reflect the latest requirements.
Ready to Start Preparing?
Get access to thousands of Series 65 practice questions with detailed explanations and track your progress with ReadyScore.
Start Free Trial